A bank official holds up a bundle of new Syrian 1000 pound bank note, on June 30, 2015, following its release by the Central Bank of Syria in Damascus to reinforce the local currency and resist counterfeiting. AFP PHOTO/ LOUAI BESHARA
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Battered by war which has inflicted incalculable damage on industry, infrastructure and economy, Syria's currency hit new lows this week after Russia said it was reducing its military support for President Bashar Assad.Backed by financial and trade support from Iran, Syria's government succeeded in stabilizing the pound early in the conflict.Government budget spending in pounds has more than doubled, but in dollar terms has crashed.Russia's surprise military intervention in September turned the tide of war in Assad's favor, but only briefly stemmed the currency's decline, and Moscow's declaration Monday that it was pulling forces out of the country hit the pound again.At the start of the uprising, the pound was around 47 to the dollar.
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